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UPS announces 12,000 job cuts, says package volume slipped last quarter
cnbc ^ | 01/30/2024 | Laya Neelakandan

Posted on 01/30/2024 9:46:57 AM PST by ChicagoConservative27

UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024.

The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call.

“2023 was a unique, and quite candidly, difficult and disappointing year. We experienced declines in volume, revenue and operating profits and all three of our business segments,” Tomé said.

Shares of the package giant dipped 8% in early trading.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Your Opinion/Questions
KEYWORDS: amazontrucks; cuts; economy; fedex; job; package; ups; upsstock; usps
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To: Red Badger

By early summer, I expect Las Vegas to have a 10k-to-15k job cut between a dozen casino/hotel operations.


21 posted on 01/30/2024 10:23:27 AM PST by pepsionice
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To: Paul46360

More good news about Bidenomics?


22 posted on 01/30/2024 10:35:55 AM PST by antidemoncrat
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To: bert

Perhaps, but the driver pointed out it was next to a store he visited daily, so it was no extra work. And now, he will have to go to each house rather than a central drop box


23 posted on 01/30/2024 10:36:22 AM PST by SoftballMominVA (No longer in VA. Living the OBX life now!)
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To: Paul46360

But today’s news is the economy has millions of new openings and why we need more border jumpers.


24 posted on 01/30/2024 10:38:29 AM PST by cp124 (The Democrats hate America.)
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To: Paul46360

$1 Billion with a B divided by 12,000 layoffs - 83K per. Isn’t that about 1/2 of what the union was calling the new annual wage for a driver?


25 posted on 01/30/2024 10:39:53 AM PST by Bernard (We honor veterans who fought to keep this country from turning into what it now is. --Argus Hamilton)
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To: DaxtonBrown

“Well there’s a canary in the Biden Economic Utopia Coal mine.”
Yep, if you watch how freight is moving around the country, you’ll get a good idea on how well the economy is really doing.


26 posted on 01/30/2024 11:08:05 AM PST by wjcsux (On 3/14/1883 Karl Marx gave humanity his best gift, he died. )
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To: SoftballMominVA

In Michigan USPS workers and trucks deliver Amazon packages during off hours, including Sundays.


27 posted on 01/30/2024 11:15:03 AM PST by desertsolitaire ( M)
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To: Paul46360

how could that be? the union said they were doing great and got them all a raise.


28 posted on 01/30/2024 11:23:32 AM PST by cableguymn
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To: Paul46360

A postman (actually a lady) told me a few years ago that their small delivery trucks were being overwhelmed by packages, and she had to make multiple trips back to the post office to deliver a single day’s amount of arriving materials.


29 posted on 01/30/2024 11:23:58 AM PST by cymbeline
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To: Paul46360

Amazon also now does site to site package delivery.


30 posted on 01/30/2024 11:24:16 AM PST by Thunder90 (All posts soley represent my own opinions)
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To: Paul46360

I wonder how much of this is due to Bidenomics and how much is due to losing market share to Bezos delivery services???


31 posted on 01/30/2024 1:06:34 PM PST by rhinohunter (Elections have consequences. Stolen elections have catastrophic consequences.)
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To: Abby4116

The Minnesota Democrats are investigating why the mail is not being delivered on time in Minnesota and part of North Dakota. The USPS got the contract to deliver Amazon packages and they are given priority over first class mail (and rates keep going up). I think an audit of part of the area had over 40,000 pieces up to a week late, and prior to that I think there was near 140,000 pieces in entire area either late or still stuck in a corner at post offices. At least 2 Dems are doing something worthwhile for a change, must be some gimmick in there.


32 posted on 01/30/2024 3:42:39 PM PST by scenicsoap
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